HARVARD COLLEGE LIBRARY GIFT OF WILLIAM BENNETT MUNRO COPYRIGHT, 1921, PRINTED IN THE UNITED STATES OF AMERICA PREFACE NONE is more highly qualified than Mr. RaphaelGeorges Levy to undertake the task of examining the Treaty of Versailles and the grave problem of Reparations. A political figure, as also member of the Institute of France, an Economist and Senator, he is better informed than any one else on the great European questions and on the true financial conditions of the countries of the Old World. After a conscientious inquiry into the facts and figures he has come to the conclusion that the vanquished are able to pay their debt progressively and that justice can be done without risk of bringing about the downfall of Germany. His abundant logic, the force of his proofs, the undeniable precision of his calculations can leave no doubt of this in the most critical minds. He shows clearly how specious and erroneous is the theory advocated in England by Mr. Keynes, which the Germans so promptly made their own in order to try and escape all their obligations. To brilliant paradoxes he opposes realities, and fictions most ingenious he answers by conclusive evidence. Our friends in Great Britain and in America will read with great interest these pages full of substance. They have largely contributed to the victory of Germany Cort, 173, and right. They will surely not be content to-day that the right of victory shall be overlooked. France has no imperialistic thought. Having recovered the provinces which were torn away from her and never having thought to achieve any territorial annexations, France is not now nor was she hitherto under the spell of conquest. France did not declare war, did not seek war, did not desire war. France was subjected to war; and the day she won, with the help of her allies, she let fall her sword without hatred, without rancour. But France has suffered dreadfully from longdrawn hostilities of which her invaded territories were the scene. In all her northern and northeastern provinces, her towns and villages were destroyed, her fields ravaged, her forests razed, her mills and factories pillaged or burned, her mines flooded. On the battlefields France lost all the flower of her youth, fourteen hundred thousand of her children— that is to say, about as many human lives as were Russia mere sacrificed by all the other allied and associated than that. nations combined. flagrantly mistaken! withs not Russia an ally Thus France finds herself grievously weakened; and whatever her courage, whatever her will to recover, she cannot single-handed face the frightful task of restoring her devastated regions. In order not to be borne down by the burden, she must be assured of having an effective means of recovery against Germany and of being reimbursed for the advances she was compelled to make to the victims of the war. Does Germany, the debtor, need time in order to pay?-time will be granted her; in the beginning can she pay only in kind?—the propitious moment will be awaited to ask her to pay in specie. No one wishes to either strangle or starve her; on the contrary, the whole world wishes, in Germany's own interest and in that of others, that she may see better days; but as she is industrious and enterprising she is certain to recover rapidly, she will soon be in a position to devote part of her income to the payment of her debt and to give, if need be, meanwhile, security and pledges to her creditors. What is essential is that, after having launched TAKES upon the world the most ghastly catastrophe known to the world, Germany shall not seek to get out of it by playing before us the comedy of irretrievable misery and everlasting insolvency. Mr. Raphael-Georges Levy has shown beyond doubt that our claims are not excessive, that they conform not only to the stipulations of the treaty, but also to the precepts of right, and are not of a nature to hinder, in future, a fresh economic development of Germany. Two MAKE г A FIGHT. Since our American friends have reserved to themselves the liberty of revising, in so far as they are concerned, the conditions of peace, I have no doubt that they will find in Mr. Raphael-Georges Levy's book the strongest reasons for approving all that the showas Treaty contains which is of vital interest to France, armed and particularly all that concerns reparation for our losses. [7] ? who •took Monale yurity us Jewany Both were ready, I' RAYMOND POINCARE. waiting; gen that happened to Strike first. |